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Senseonics Holdings, Inc. Reports First Quarter 2023 Financial Results
GERMANTOWN, Md.--(BUSINESS WIRE)-- Senseonics Holdings, Inc. (NYSE American: SENS), a medical technology company focused on the development and manufacturing
About this update from Senseonics Holdings, Inc.
[{"type":"text","content":" GERMANTOWN, Md.--(BUSINESS WIRE)--\nSenseonics Holdings, Inc. (NYSE American: SENS), a medical technology company focused on the development and manufacturing of long-term, implantable continuous glucose monitoring (CGM) systems for people with diabetes, today reported financial results for the quarter ended March 31, 2023.\n\n\nRecent Highlights & Accomplishments:\n\n\n\nGenerated revenue of $4.1 million in the first quarter of 2023.\n\n\n\nAscensia Diabetes Care, Senseonics’ global commercial partner, is expanding their U.S. salesforce to a planned nearly 50 professionals, compared to an average of approximately 20 during 2022.\n\n\n\nInitiated the enrollment of a pediatric cohort in the ENHANCE trial evaluating the 365-day sensor configuration.\n\n\n\nStrengthened the balance sheet through financings from PHC Holdings, which included PHC Holdings’ exchange of its $35 million senior secured convertible notes for equity and an additional $15 million equity investment.\n\n\n\n“In the first quarter, we made progress in our initiatives to support global patient and provider adoption of Eversense,” said Tim Goodnow, PhD, President and Chief Executive Officer of Senseonics. “We believe continuing to work to drive commercial awareness and access through the Ascensia collaboration, along with advancing our technology pipeline, will drive future growth and create durable shareholder value.”\n\n\nFirst Quarter 2023 Results:\n\n\nTotal revenue for the first quarter of 2023 was $4.1 million compared to $2.5 million for the first quarter of 2022. U.S. revenue was $2.1 million in the first quarter of 2023 compared to $0.8 million in the prior year period, and revenue outside the U.S. was $2.0 million in the first quarter of 2023 compared to $1.7 million in the prior year period.\n\n\nFirst quarter 2023 gross profit of $0.4 million decreased from $0.5 million in gross profit for the first quarter of 2022.\n\n\nFirst quarter 2023 sales and marketing and general and administrative expenses decreased by $0.2 million year-over-year, to $7.7 million. The decrease was primarily the result of a reduction in spend related to personnel costs, general administrative costs and selling and marketing consulting services.\n\n\nFirst quarter 2023 research and development expenses increased by $4.6 million year-over-year, to $12.4 million. The increase was...